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“I'm ready to serve in that rebuilding process as part of the Labour team,” he wrote in The Times.

“But I can't do that as leader at this moment and I won't be putting my name forward in the coming leadership contest.

“My eldest kids had a very tough time when they lost their mum and I don't want them to lose their dad. I need some space for them, my wife and our youngest child right now, and I wouldn't have it as leader.”

Who will be the next Labour leader?

Who will be the next Labour leader?

1/7
Andy Burnham

Andy Burnham has promised to restore the party's "emotional connection with millions of people," if elected

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2/7
Mary Creagh

Mary Creagh has called on her party to win back “Middle England”

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3/7
Liz Kendall

Shadow health minister Liz Kendall is seen as a Blairite

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4/7
Yvette Cooper

Shadow home secretary Yvette Cooper became the fourth person to join the Labour leadership race

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5/7
Tristram Hunt

Tristram Hunt, the shadow Education Secretary, has said he will not run for the Labour leadership as he had not gathered the required nominations of 35 MPs. He has instead endorsed the moderniser Liz Kendall.

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6/7
Dan Jarvis

One of the favourites to succeed Ed Miliband as Labour leader – ex-Army paratrooper Dan Jarvis – has ruled himself out, saying he won't do it because of his children

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7/7
Chuka Umunna

Chuka Umunna dropped out of the Labour leadership contest just three days after he announced he was in the running

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Mr Umunna has said he would “play the fullest part I can” in rebuilding Labour, while Mr Hunt said he is “definitely thinking about” running.

Harriet Harman will be acting Labour leader until elections held later this year. The date has not been set but the new leader will be in place in time for the party conference in September.

The contest was triggered by Ed Miliband’s resignation following a disastrous performance in the general election.